We looked at the charts of RUN on Oct. 8 and wrote that, "RUN looks like it has some chart support in the $65-$55 area. Stand aside for now and let's see whether RUN rebases in the $60 area."
Prices have worked lower since the 8th but bounced off of $60 this week. Let's check in with the charts again.
In this updated daily bar chart of RUN, below, we can see that prices are close to a test of the cresting 50-day moving average line. Trading volume has been active in October and the On-Balance-Volume (OBV) line has declined telling us that sellers of RUN have been more aggressive this month.
The Moving Average Convergence Divergence (MACD) oscillator has crossed to the downside for a take profits sell signal.
In the weekly Japanese candlestick chart of RUN, below, we can see upper shadows on the patterns from the end of September and the beginning of October. There is a lower shadow that extends down to $60 telling us that the marketplace rejected the $60 level.
The weekly OBV line has turned down and the weekly MACD oscillator has begun to narrow telling us that the power of the uptrend is waning.
In this Point and Figure chart of RUN, below, we can see a price target in the $57-$56 area.
Bottom-line strategy: The charts and indicators of RUN suggest we could see further downside testing.